The Multi-Billion Dollar Pain Relief Industry, and Medical Marijuana’s Place
There are a dozen reasons why lobbying groups are trying to block the legalization of medicinal marijuana (MMJ) in the US. One huge lobbying group is the pharmaceutical industry, which currently has a stranglehold on pain relief drugs, and is attempting to secure its position. It’s remarkable that pain itself has become such a large market – in fact, figures released last week from the UN show that the demand for pain relief meds has more than tripled since 1993. The world population is consuming 14 billion doses of pain medication daily. This is an enormous market – and one that investors in medical marijuana within Canada and the US are really starting to capitalize on.
And state governments are realizing the massive tax revenue that can be had by legalizing weed. An article in Forbes recently stated that Colorado has made millions in taxes in January alone: $1.5 million for medical marijuana (not to mention another $2 million for recreational use). Some analysts are going so far as saying that country-wide legalization could help save the US economy.
So far, medical marijuana is legal in some form within 20 states of the US (with Colorado and Washington also legalizing marijuana for recreational use), but as we wrote a few weeks ago, several more states are pushing for legalization. Canada is another story, with medical marijuana legalized nation-wide - but recreational use is still prohibited.
Because this industry is in its infancy, with relatively few established businesses, and restrictions are lifting in many areas at a rapid pace, the prospect of getting involved in the industry is looking more and more attractive to potential investors.
GGS has been assisting several investors in setting up their marijuana warehouse and marijuana greenhouse growing facilities. Our team has the experience needed to design a medical marijuana facility that meets legal requirements, while making it easier for business owners to get their growing licenses quickly. We have also invested in research and development to ensure the marijuana systems we design will result in optimal crop yields.